PVI to file for bankruptcy protection
May 23, 2003
Princeton Video Image (PVI) announced last week that it expects to file for Chapter 11 bankruptcy protection within days, but will remain in business.
An example of PVI's branded First Down Line which appeared last fall on CBS during a college football game.
The company, based in Lawrenceville, NJ, provides real-time virtual advertising, programming enhancements, virtual product integration and targeted interactive services for televised sports and entertainment events. This technology is used for the electronically inserted virtual first-down line for the NFL football telecasts on CBS.
PVI said it is negotiating with a newly formed entity owned by Presencia en Medios, SA de CV and Cablevision Systems Corporation to purchase substantially all of the assets of PVI and to provide debtor-in-possession financing for approximately 90 days.
Presencia and Cablevision are the only secured creditors of PVI and currently hold approximately 45 percent of PVI’s common stock. The asset sale would be subject to bankruptcy court approval and a competitive bidding procedure in accordance with bankruptcy law. The filing and the agreement are subject to the successful negotiation of definitive agreements and the approval of PVI’s board of directors.
PVI expects that if the asset sale is consummated PVI would be liquidated pursuant to a plan of liquidation which would be subject to the approval of the bankruptcy court. In the event of liquidation, any recovery for shareholders of PVI would be highly unlikely and would depend on the outcome of the competitive bidding procedure.
PVI expects the debtor-in-possession financing, if consummated, to allow the delivery of services to PVI’s customers and clients to continue without interruption during the bankruptcy process.
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